We show that the call-put implied volatility spread (IVS) outperforms many well-known predictors of the U.S. equity premium at return horizons up to six months over the period from 1996:1 to 2017:12. The predictive ability of the IVS is unrelated to the dividend yield and is useful in explaining...

Consumption is more volatile than output in developing countries while it is less volatile than output in developed economies. This paper shows that the relatively large home sector in developing economies contributes to this difference, and the driving force for this difference is technology....

The countercyclical trade balance ratio is one of the key stylized facts for open economies. The magnitude differs from country to country. Specifically, the trade balance ratio is more negatively correlated with output in emerging economies than in developed economies, suggesting that the trade...

The model of equilibrium exchange rate combining purchasing power parity (PPP) and uncovered interest parity (UIP) is widely tested using the cointegration approach. Most of the recent studies, however, are deficient in the treatment of expectations and the power of tests. This paper aims at...

China’s reform of state-owned enterprises (SOEs) has achieved notably through 30 years of reforms while the performance of SOEs is still low. Basing on a summing-up of reforms of SOEs the paper gives an evaluation of economic theories affecting China’s reform of SOEs. Focuses in different...

Soybean [Glycine max (L.) Merr.] was domesticated in China but has a long history of cultivation on the Korean peninsula and in Japan. All three areas are considered important sources of soybean germplasm. The objectives of this study were to evaluate the genetic variation in soybean within and...